Vietnam’s desire to become a prosperous nation by 2045 is practical, Prime Minister Nguyen Xuan Phuc has stated.

Prime Minister Nguyen Xuan Phuc at MPI's control center. Source: VGP.

Growing global uncertainties would be an opportunity for Vietnam to grow if the country could maintain its socio-political stability, said Phuc in a meeting with the Ministry of Planning and Investment (MPI) on January 9.

It is the MPI that should draft strategies and create pathways for Vietnam on its quest to prosperity, stressed Phuc.

Phuc raised the question of whether the country could take advantage of the Industry 4.0, as well as policies to encourage provinces/cities to take the Fourth Industrial Revolution or digital economy as the foundation and motivation for economic restructuring and sustainable development.

Phuc stated the national competitiveness remains week with high risks, while many bottlenecks restricting economic development have not been addressed.

In 2020, Phuc requested greater decentralization of powers towards the provinces/cities, while the MPI should focus on making policies and supervising the enforcement of laws.

Phuc referred to the issue of aging population which is putting pressure on the country’s social welfare system, requiring more measures to address it.

The World Bank stated Vietnam’s middle class is expanding at the world’s highest rate, so it is important to turn the middle class into a driving force for the country.

The Vietnamese government targets by 2030, 50 million people would join the nation's Vietnam’s middle class, capable of creating dozens of millions of jobs.